A bill to amend the Internal Revenue Code of 1954 to provide a credit against tax related to the purchase of houses.

Provides a credit against the income tax imposed under the Internal Revenue Code of (1) 5 percent (up to $1250) of the purchase price of a principal residence purchased during calendar year 1975; and (2) 2.5 percent (up to $625) of the purchase price of a principal residence purchased during 1976.